Novartis profits up 7 percent in third quarter

Novartis has announced that its net profits rose by seven percent to $2.49 billion (1.55 billion pounds) in the third quarter of 2011.

The Swiss company's latest financial results also revealed an 18 percent increase in net sales and an 11 percent jump in core operating income for the three-month period.

In addition, Novartis said recent approvals for drugs such as Afinitor/Votubia and multiple sclerosis treatment Gilenya ensured that it remains on course for further long-term growth.

However, the pharmaceutical giant also announced plans to close two of its sites in Switzerland and one in Italy, while approximately 2,000 jobs in Switzerland and the US will be cut.

"Once again, the breadth of our business and product portfolio allowed us to deliver strong financial results," said Novartis chief executive Joseph Jimenez.

"To strengthen our future, we have accelerated actions to reduce our cost base over the next few years."

Gilenya and Ilaris, a treatment for the rare auto inflammatory disease cryopyrin-associated periodic syndrome, both received approval in Japan last month.